Sirius XM Radio Inc. (NASDAQ: SIRI ) should see stronger growth from its acquisition of Pandora,tile for bearded dragon substrate according to a newly bullish JPMorgan. The Analyst Analyst Sebastiano Petti upgraded Sirius XM from Underweight to Overweight and raised the price target from $6 to $7. The Thesis Pandora Media Inc. (NYSE: P ) shareholders are set to vote on the Sirius deal at the end of the month. Pandora gives Sirius more opportunities for growth in streaming, ad-supported radio services and more chances to deliver music into cars, Petti said in the Wednesday upgrade note. Sirius didn’t see as much of a drop off in subscriber growth than was expected after an increase in music royalty fees, the analyst said. “We believe Sirius XM’s legacy business will continue to execute well in the near-term and that the pending Pandora acquisition will position it well over the long run as it expands out of the car,” he said. Price Action Sirius XM shares were trading up by 2.63 percent at $5.86 at the time of publication Wednesday. Related Links: Sirius Was Likely Impressed With Pandora's Near-Term Execution, Analyst Says After Acquisition Announcement Barrington Explains Why A Neutral Stance On Sirius XM Was Wrong Photo courtesy of Sirius XM. Latest Ratings for SIRI Jan 2019 JP Morgan Upgrades Underweight Overweight Sep 2018 Credit Suisse Downgrades Outperform Neutral Aug 2018 Morgan Stanley Maintains Underweight Underweight View More Analyst Ratings for SIRI View the Latest Analyst Ratings See more from Benzinga Analysts Like CBS For 2019 Comeback Height: Post Office's Strong Liquidity Makes Immediate Crisis, Changes Less Likely Loup Ventures: Apple Services Model Is Sound Despite Netflix Exit © 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments |